Currys (CURY) Trading update summary

Trading performance

• UK & Ireland like-for-like revenue rose 6%, with growth in both stores and online, and double-digit gains in new categories and B2B.

• Market share increased in all major categories in UK & Ireland, aided by the World Cup and summer heatwaves.

• Recurring Services revenue grew strongly, with flexpay adoption up to 23.6% and iD Mobile subscribers up 16% year-on-year to over 2.7 million.

• Nordics like-for-like revenue increased 9%, with growth across channels, especially in white goods and mobile.

• Gross margin remained stable in both regions, supported by tight cost control.

Outlook and financial position

• Guidance for the year remains unchanged, with confidence in meeting market consensus for adjusted PBT of £199m.

• Targeting further growth in higher-margin, recurring Services revenue and aiming for at least 2.8 million iD Mobile subscribers by year-end.

• £50m share buyback underway, with £23m completed to date.

• Year-end net cash expected to finish well above the £100m target.

Leadership and operational focus

• New Group Chief Executive highlighted strong early-year trading and focus on margin, cost, and cash discipline.

• Emphasis on growth in both stores and online, with continued expansion in new categories, B2B, and Services.